GLOBE LIFE INC.

Note 1—Significant Accounting Policies

Business:(Globe Life), (the Company), refers to Globe Life Inc., an insurance holding company incorporated in Delaware in 1979, and Globe Life Inc. subsidiaries and affiliates. Globe Life Inc.'s direct or indirect primary subsidiaries are Globe Life And Accident Insurance Company, American Income Life Insurance Company, Liberty National Life Insurance Company, Family Heritage Life Insurance Company of America, and United American Insurance Company. The underwriting companies are owned by their ultimate corporate parent, Globe Life Inc. (Parent Company).

Globe Life provides a variety of life and supplemental health insurance products to a broad base of customers. The Company is organized into three reportable segments: life insurance, health insurance, and investments.

Globe Life markets its insurance products through a number of distribution channels, each of which sells the products of one or more of Globe Life's insurance segments. The Company's distribution channels consist of the following exclusive agencies: American Income Division (American Income), Liberty National Division (Liberty National) and Family Heritage Division (Family Heritage); an independent agency, United American Division (United American); and the Direct to Consumer Division (DTC).

Basis of Presentation: The accompanying condensed consolidated financial statements of Globe Life have been prepared in accordance with the instructions to Form 10-Q. Therefore, they do not include all of the disclosures required by accounting principles generally accepted in the United States of America (GAAP) for annual financial statements. However, in the opinion of management, these statements include all adjustments, consisting of normal recurring adjustments, which are necessary for a fair presentation of the condensed consolidated financial position at September 30, 2026, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended September 30, 2026 and 2025. The interim period condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that were included in the Form 10-K filed with the Securities Exchange Commission (SEC) on February 25, 2026.

Use of Estimates: The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See further documentation in the significant accounting policies or the accompanying notes.

Held for Sale: In connection with the Company's relocation of its home office operations, management committed to a plan to sell its building located at 3700 Stonebridge Drive, McKinney, Texas (the "Stonebridge Building").

During the second quarter of 2026, management assessed all held-for-sale criteria and concluded that all criteria were satisfied. Accordingly, the Stonebridge Building is classified as an asset held for sale in "Other assets" on the Company's Condensed Consolidated Balance Sheets anddepreciation of the asset ceased. Book value of the building, land and improvements was approximately $27.9 million as of September 30, 2026. The asset is measured at the lower of its carrying amount or fair value less costs to sell. The Company has executed a purchase agreement related to the Stonebridge Building for a purchase price of $34.0 million, with the sale expected to occur in early 2027. Based on management's review of the purchase price and estimated selling costs, no impairment loss was recognized upon classification. Operating expenses associated with the Stonebridge Building are expected to continue with the planned wind-down of operations and maintenance activities at the property.

Note 2—New Accounting Standards

Accounting Pronouncements Yet to be Adopted: ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, adds disclosure requirements to disaggregate information related to an entity's income statement. The disclosures will allow for enhanced transparency of an entity's expenses.

This standard is effective for the Company for annual periods beginning on January 1, 2027 and Interim periods within fiscal years beginning after December 15, 2027. The Company is evaluating the standard.

ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, provides guidance for the evaluation of determining whether criteria is met to begin the capitalization of internal-use software costs. ASC 350 (Intangibles—Goodwill and Other)requires the capitalization of internal-use software costs begin when both of the following criteria are met: (1) when management has authorized and committed to funding the software project and (2) the probability that the project will be completed and will be used to perform the function intended. If uncertainty exists under the guidance issued in Subtopic 350-40 then a probable to complete threshold will not exist and any costs would be expensed until uncertainties are resolved.

The updated guidance also requires the application of disclosure requirements in ASC 360 (Property, Plant and Equipment) for all capitalized costs regardless of presentation in the financial statements. This standard is effective for the Company for annual periods beginning on January 1, 2028 and interim periods within the annual reporting periods. The Company is evaluating the standard.

Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income (Loss)

Components of Accumulated Other Comprehensive Income: An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for the three and nine month periods ended September 30, 2026 and 2025:

Reclassification Adjustments: Reclassification adjustments out of accumulated other comprehensive income are presented below for the three and nine month periods ended September 30, 2026 and 2025.

Note 4—Investments

Portfolio Composition: Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at September 30, 2026 and December 31, 2025, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector."

(1)Amount reported in the balance sheet.

(2)At fair value.

(1)Amount reported in the balance sheet.

(2)At fair value.

The Company had unfunded commitments of $368 million and $313 million in fixed maturities at September 30, 2026 and December 31, 2025, respectively.

A schedule of fixed maturities available for sale by contractual maturity date at September 30, 2026, is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions.

Analysis of Investment Operations: "Net investment income" for the three and nine month periods ended September 30, 2026 and 2025 is summarized as follows:

(1)For the three months ended September 30, 2026 and 2025, the investment funds, accounted for under the fair value option method, recorded $21.4 million and $21.6 million in net investment income, respectively. For the nine months ended September 30, 2026 and 2025, the investment funds, accounted for under the fair value option method, recorded $64.5 million and $58.9 million, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.

Selected information about sales of fixed maturities available for sale is as follows:

(1)During the three and nine months ended September 30, 2026, the Company had $0 unsettled trades. There were $3.2 million unsettled trades for the same periods in 2025.

An analysis of "realized gains (losses)" is as follows:

(1)During the three months ended September 30, 2026 and 2025, the Company recorded $82.1 million and $176 thousand of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $0 and $176 thousand net realized gains (losses), respectively. During the nine months ended September 30, 2026 and 2025, the Company recorded $111.0 million and $128.5 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $0 and $(3.0) million net realized gains (losses), respectively.

Fair Value Measurements: The following tables represent the fair value of fixed maturities measured on a recurring basis at September 30, 2026 and December 31, 2025:

The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments.

(2)Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.

(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments.

(2)Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.

The following table presents changes in unrealized gains and losses for the period included in accumulated other comprehensive income for assets held at the end of the reporting period for Level 3 classification:

Transfers between levels within the hierarchy occur when there are changes in the observability of the inputs and market data. Transfers into Level 3 occur when there is little unobservable market activity for the asset/liability as of the measurement date and the Company is required to rely upon internally-developed assumptions or third parties. Transfers out of Level 3 occur when quoted prices in active markets become available for identical assets/liabilities or the ability to corroborate by observable market data.

The following table represents quantitative information about Level 3 fair value measurements:

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

Level 3 securities are valued based on the contractual cash flows discounted by a rate determined as a treasury benchmark rate adjusted for a credit spread. The credit spread is developed from observable indices for similar securities and unobservable indices for private securities or private comparable securities for corresponding credit ratings. The credit ratings for the securities may be considered unobservable inputs, as they are private letter ratings issued by a nationally recognized statistical rating organization or are assigned by the third-party investment manager based on a quantitative and qualitative assessment of the credit underwritten. A higher (lower) credit rating would result in a higher (lower) valuation. For more information regarding valuation procedures, please refer to Note 1—Significant Accounting Policies under the caption Fair Value Measurements, Investments in Securities disclosed in the Form 10-K.

Unrealized Loss Analysis: The following table discloses information about fixed maturities available for sale in an unrealized loss position.

Globe Life's entire fixed maturity portfolio consisted of 2,642 issues by 1,005 different issuers at September 30, 2026 and 2,576 issues by 1,010 different issuers at December 31, 2025. The weighted-average quality rating of all unrealized loss positions at amortized cost was A as of September 30, 2026 and A as of December 31, 2025.

The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at September 30, 2026 and December 31, 2025.

Analysis of Gross Unrealized Investment Losses

Gross unrealized losses may fluctuate quarter over quarter due to factors in the market that affect the holdings, such as changes in interest rates or credit spreads. The Company considers many factors when determining whether an allowance for a credit loss should be recorded. While the Company holds securities that may be in an unrealized loss position, Globe Life does not generally intend to sell and it is unlikely that the Company will be required to sell the fixed maturities prior to their anticipated recovery or maturity due to the strong cash flows generated by its insurance operations.

Fixed Maturities, Allowance for Credit Losses: A summary of the activity in the allowance for credit losses is as follows.

As of September 30, 2026, the Company hadone fixed maturity security in non-accrual status with an amortized cost of $5.5 million and an allowance of $3.3 million. As of December 31, 2025, the Company hadtwo fixed maturity securities in non-accrual status with an amortized cost of $9.2 million and an allowance of $3.3 million.

Mortgage Loans (commercial mortgage loans): Investments in commercial mortgage loans are made through direct investments and through investment funds. Globe Life has total commercial mortgage loan investments made directly and through investment funds of $1.00 billion at September 30, 2026 and $1.04 billion at December 31, 2025. The commercial mortgage loan summaries provided in this section pertain only to those commercial mortgage loans made directly.

Summaries of commercial mortgage loans by property type and geographical location at September 30, 2026 and December 31, 2025 are as follows:

The following tables are reflective of the key factors, debt service coverage ratios, and loan-to-value ("LTV") ratios that are utilized by management to monitor the performance of the portfolios. The Company only makes new investments in commercial mortgage loans that have a LTV ratio less than or equal to 80%. LTV ratios that exceed 80% are generally a result of decreases in the valuation of the underlying property. Generally, a higher LTV ratio and a lower debt service coverage ratio equate to higher risk of loss.

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).

(2)Loan balance divided by stabilized appraised value at origination, including planned renovations and stabilized occupancy. Updated internal valuations are used when a loan is materially underperforming.

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).

(2)Loan balance divided by stabilized appraised value at origination, including planned renovations and stabilized occupancy. Updated internal valuations are used when a loan is materially underperforming.

As of September 30, 2026, the Company had 41 loans in the portfolio. During the quarter, the Company evaluated the commercial mortgage loan portfolio on both an individual and pooling basis to determine the allowance for credit losses and determinedtwo loans were collateral dependent or likely to foreclose.

For the nine months ended September 30, 2026, the allowance for credit losses increased by $449 thousand to $5.0 million. The provision for credit losses is included in "Realized gains (losses)" on the Condensed Consolidated Statements of Operations.

As of September 30, 2026 and December 31, 2025, the Company hadtwo commercial mortgage loans in non-accrual status with a principal balance of $3 million andno delinquent commercial mortgage loans. The Company's unfunded commitment balance to commercial loan borrowers was $21 million as of September 30, 2026.

Other Long-Term Investments: Other long-term investments consist of the following assets:

(1) Company-owned life insurance is reported at cash surrender value.

The following table presents additional information about the Company's investment funds as of September 30, 2026 and December 31, 2025 at fair value:

(1)Non-redeemable funds generally have an expected life of 7 to 12 years from fund closing with extension options of 1 to 4 years. Redemptions are paid out throughout the life of the funds at the General Partner's discretion. Redeemable funds can generally be redeemed over 6 to 36 months upon request from limited partners.

(2)Unfunded commitments include unfunded balances during the investment period. After an investment period ends, the fund can call capital based on limited and specified reasons. As of September 30, 2026, unfunded commitments totaled $925 million, including funds past the investment period.

The Company had $98 million of capital called during the period from existing investment funds. The Company's unfunded commitments were $811 million as of September 30, 2026.

Note 5—Commitments and Contingencies

Guarantees: In connection with the Pre-capitalized Trust Securities agreement signed on July 1, 2025, Globe Life Inc. is required to purchase any treasury securities in default. Management believes it is unlikely the Company will have to make any material payments under this agreement due to default. In addition, Globe Life Inc. has guaranteed letters of credit in connection with its credit facility with a group of banks as disclosed in Note 11—Debt. The letters of credit were issued by TMK Re, Ltd., a wholly-owned subsidiary ("TMK Re"), to secure TMK Re's obligation for claims on certain policies reinsured by TMK Re that were sold by other Globe Life Inc. insurance subsidiaries. These letters of credit facilitate TMK Re's ability to reinsure the business of Globe Life Inc.'s insurance subsidiaries. The credit facility was amended and restated on June 26, 2026 and now expires in 2031. The maximum amount of letters of credit available is $250 million. Globe Life Inc. would be liable to the extent that TMK Re does not pay the reinsured party. The amount of letters of credit outstanding at September 30, 2026 was $115 million.

Litigation: The Company, as is common with the insurance industry in general, is subject to litigation, including: putative class action litigation; alleged breaches of contract; torts, including bad faith and fraud claims based on alleged wrongful or fraudulent acts of agents of Globe Life Inc.'s insurance subsidiaries; alleged employment discrimination; alleged worker misclassification; and miscellaneous other causes of action. Based upon information presently available, and in light of legal and other factual defenses available to the Company, management does not believe that it is reasonably possible that such litigation will have a material adverse effect on Globe Life Inc.'s financial condition, future operating results or liquidity; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future. This bespeaks caution, particularly in states with reputations for high punitive damage verdicts.

On April 30, 2024, a putative securities class action was filed against Globe Life Inc. andsix of its current/former executives and directors in the United States District Court for the Eastern District of Texas (City of Miami Gen. Emp. & Sanitation Emp. Ret. Trust, et al. v. Globe Life Inc., et al., Case No. 4:24-cv-00376). On July 24, 2024, the Court appointed Lead Plaintiffs and Lead Counsel for the putative class of shareholders. The Lead Plaintiffs filed a Consolidated Complaint on October 4, 2024 that asserts claims under §§ 10(b), 20(a), and 20(A) of the Securities Exchange Act of 1934 and SEC Rules 10b-5(a), 10b-5(b), and 10b-5(c) promulgated thereunder, on behalf of a putative class of purchasers of Globe Life Inc.'s securities from May 8, 2019 through April 10, 2024. The Consolidated Complaint added four additional executives as defendants and alleges that certain of Globe Life Inc.'s disclosures about financial performance and certain other public statements during the putative class period were materially false or misleading. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify the individual director and executive officer defendants for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. On May 15, 2026, the Lead Plaintiffs moved for class certification. Globe Life Inc. plans to vigorously defend against the lawsuit. The outcome of litigation of this type is inherently uncertain, and there is always the possibility that a court rules in a manner that is adverse to the interests of Globe Life Inc. and the individual defendants. However, the amount of any such loss in that outcome cannot be reasonably estimated at this time.

Also pending in the Eastern District of Texas is a consolidated shareholder derivative suit that is closely related to the putative securities class action disclosed above (the “City of Miami Matter”). On November 7, 2024, Globe Life Inc. shareholder Jui Cheng Hsiao (“Hsiao”) filed a shareholder derivative complaint against Globe Life Inc. as a nominal defendant, as well as certain current and former Globe Life Inc. executives and members of its Board of Directors. On November 14, 2024, Globe Life Inc. shareholder Gautam Jadhav (“Jadhav”) filed a shareholder derivative complaint against the same set of defendants. Each shareholder derivative complaint assertsone claim for breach of fiduciary duty against the individual defendants and alleges that the individual defendants breached their fiduciary duties to Globe Life Inc. by causing or permitting Globe Life Inc. to make misleading statements about its performance and financial results. The allegations are substantially similar to those made in the City of Miami Matter and derive from certain short seller reports. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify the individual director and executive officer defendants for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. On January 3, 2025, the Court consolidated thetwo actions and appointed Hsiao and Jadhav as Lead Plaintiffs and their counsel as Lead Counsel for the consolidated derivative action (In re Globe Life Inc. Stockholder Derivative Litigation, Lead Case No. 4:24-cv-00993-ALM (E.D. Tex.)).

On November 19, 2025, Globe Life Inc. shareholder Plymouth County Retirement Association (“Plymouth”) filed a Verified Shareholder Derivative Action Complaint in the United States District Court for the Eastern District of Texas against Globe Life Inc. as a nominal defendant, as well as certain current and former Globe Life Inc. executives and members of its Board of Directors (Plymouth County Retirement Association v. Darden, et al., No. 4:25-cv-01246-ALM (E.D. Tex.)). On November 21, 2025, Globe Life Inc. shareholder Catherine M. Sugarbaker Family Trust (“Sugarbaker”) filed a Verified Shareholder Derivative Action Complaint against Globe Life Inc. as a nominal defendant, as well as certain current and former Globe Life Inc. executives and members of its Board of Directors (Catherine M. Sugarbaker Family Trust v. Gary L. Coleman, et al., No. 4:25-cv-01274-ALM (E.D. Tex.)). The allegations in both complaints are substantially similar to those made in the City of Miami Matter and the consolidated federal derivative action and derive from certain short seller reports. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify the individual director and executive officer defendants for all expenses and losses related to the Plymouthand Sugarbaker litigation, subject to the terms of those indemnification agreements. On April 17, 2026, following briefing on Plymouth's and Sugarbaker's competing leadership motions, the Court appointed Plymouth as Lead Plaintiff and Plymouth's counsel as Lead Counsel. On May 8, 2026, Plymouth filed a consolidated complaint. On June 23, 2026, Defendants filed a motion to dismiss the consolidated complaint.

On September 19, 2025, a shareholder filed a derivative lawsuit in the Business Court for Dallas County, Texas, against Globe Life Inc. as a nominal defendant, as well as certain current and former Globe Life Inc. executives and members of its Board of Directors (James E. Walker v. Gary L. Coleman, et al., Case No. 25-BC01B-0041). Like the consolidated shareholder derivative lawsuit disclosed above, this litigation is largely similar to the City of Miami Matter and derives in part from certain short seller reports. The petition asserts three causes of action relating to the 2019 through 2024 time period, including: (i) a breach of fiduciary duty claim for failing to provide adequate oversight to prevent purportedly widespread corporate misconduct including fraud, discrimination and harassment; (ii) a breach of fiduciary duty claim against certain individual defendants who allegedly engaged in insider trading; and (iii) a claim for wasting corporate assets by paying excessive compensation and/or bonuses to certain of its executive officers. The petition alleges that Globe Life Inc. was thus exposed to potential legal liability and costs, and that Globe Life Inc. repurchased shares at an artificially inflated price. The petition seeks monetary damages as well as restitution, governance reforms, and accountability for executives and board members. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify the individual director and executive officer defendants for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. Globe Life Inc. intends to mount a robust defense against the litigation. Defendants filed a motion to dismiss the petition on November 20, 2025 for failure to plead demand futility, and a motion to stay the proceedings in the Texas Business Court pending final resolution of the related City of Miami Matter if the Court determines that demand futility is satisfied. On February 5, 2026, the Court cancelled the hearing it had scheduled for February 6, 2026 to hear all of the above motions and stayed the case pending further order of the Court.

Note 6—Policy Liabilities

The liability for future policy benefits is determined based on the net level premium method, which requires the liability be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders.

The following tables summarize balances and changes in the net liability for future policy benefits, before reinsurance, for traditional life long-duration contracts for the three and nine month periods ended September 30, 2026 and 2025:

(2)The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.

(2)The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.

(2)The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.

(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period due to death, surrender, and maturity benefit payments based on the expected assumptions.

(2)The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.

(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period due to death, surrender, and maturity benefit payments based on the expected assumptions.

(1)Other adjustments include the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

(1)Other adjustments include the effects of flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

The following tables summarize balances and changes in the net liability for future policy benefits for long-duration health contracts for the three and nine month periods ended September 30, 2026 and 2025:

(2)The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.

(2)The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.

(2)The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.

(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period based on the expected assumptions.

(2)The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.

(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period based on the expected assumptions.

(1)Other adjustments include the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

(1)Other adjustments include the effects of flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

Remeasurement Gain or Loss—In accordance with the accounting guidance, the Company reviews, and updates as necessary, its assumptions utilized in the calculation of the liability for future benefits annually in the third quarter and recalculates the net premium ratio. The revised net premium ratio is used to update the liability for future policy benefits as of the beginning of the current reporting period, and is compared to the liability using prior cash flow assumptions. The difference is recorded as a component of the remeasurement gain or loss for the current period, along with the effect of the difference between actual and expected experience for the period. The total remeasurement gain or loss is within life and health policyholder benefits included on the Consolidated Statements of Operations.

The following tables include the total remeasurement gain or loss, bifurcated between the gain or loss due to differences between actual and expected experience for the three and nine month periods ended September 30, 2026 and 2025:

The Company performed its annual review of assumptions during the third quarter which resulted in favorable changes to its mortality and lapse assumptions on life and health. The assumption review process of the life and health segments resulted in a $120.5 million net remeasurement gain ($96.4 million and $24.1 million gains related to life and health, respectively) before tax as compared to a $134.3 million net remeasurement gain ($130.9 million and $3.4 million gains related to life and health, respectively) before tax in the year-ago quarter.

Life assumption changes reflect continued favorable mortality experience along with slightly higher lapse rates while health assumption changes reflect favorable claim experience, both resulting in lower policy obligations compared to our previously anticipated assumptions.

Excluding the impact of annual assumption changes, the Company's results for actual variances from expected experience for both life and health produced a $25.3 million net remeasurement gain ($20.3 million and $5.0 million gains related to life and health, respectively) before tax and a $24.0 million net remeasurement gain ($18.5 million and $5.5 million gains related to life and health, respectively) before tax for the three months ended September 30, 2026 and 2025, respectively. For the nine months ended September 30, 2026, the Company's results for actual variances from experience for both life and health produced a $75.1 million net remeasurement gain ($62.8 million and $12.3 million gains related to life and health, respectively) compared to a $53.6 million net remeasurement gain ($43.8 million and $9.8 million gains) before tax for the same period in 2025.

The following table reconciles the liability for future policy benefits to the Condensed Consolidated Balance Sheets as of September 30, 2026 and 2025:

The following tables provide the weighted-average original and current discount rates for the liability for future policy benefits and the additional insurance liabilities as of September 30, 2026 and 2025:

The following table provides the weighted-average durations of the liability for future policy benefits and the additional insurance liabilities as of September 30, 2026 and 2025:

The following tables summarize the amount of gross premiums and interest related to long duration life and health contracts that are recognized on the Condensed Consolidated Statements of Operations for the three and nine month periods ended September 30, 2026 and 2025:

Gross premiums are included within life and health premium on the Condensed Consolidated Statements of Operations, while the related interest expense is included in life and health policyholder benefits.

The following tables provide the undiscounted and discounted expected future gross premiums, expected future net premiums, and expected future policy benefits, at both original and current discount rates, for life and health contracts as of September 30, 2026 and 2025:

The determination of the liability for future policy benefits on the balance sheet does not include the difference between the expected future gross premiums and the expected future net premiums of $16.8 billion and $17.8 billion, as of September 30, 2026 and 2025, respectively, and rather only includes the expected future net premiums.

The determination of the liability for future policy benefits on the balance sheet does not include the difference between the expected future gross premiums and the expected future net premiums of $6.7 billion and $6.5 billion as of September 30, 2026 and 2025, respectively, and rather only includes the expected future net premiums.

The following table summarizes the balances of, and changes in, policyholders’ account balances as of September 30, 2026 and 2025:

(1) At September 30, 2026 and 2025, $366 million and $411 million, respectively, has been reinsured with third-party reinsurers under existing reinsurance agreements.

(1)At September 30, 2026 and 2025, $366 million and $411 million, respectively, has been reinsured with third-party reinsurers under existing reinsurance agreements.

The following tables present the policyholders' account balances by range of guaranteed minimum crediting rates and the related range of difference, if any, in basis points between rates being credited to policyholders and the respective guaranteed minimums as of September 30, 2026 and 2025:

(1)At September 30, 2026, $366 million has been reinsured with third-party reinsurers under existing reinsurance agreements.

(1)At September 30, 2025, $411 million has been reinsured with third-party reinsurers under existing reinsurance agreements.

Note 7—Deferred Acquisition Costs

The following tables roll forward the deferred policy acquisition costs for the three and nine month periods ended September 30, 2026 and 2025:

The following table presents a reconciliation of deferred policy acquisition costs to the Condensed Consolidated Balance Sheets as of September 30, 2026 and 2025:

Note 8—Liability for Unpaid Claims

Activity in the liability for unpaid health claims is summarized as follows:

Below is the reconciliation of the liability of "Policy claims and other benefits payable" on the Condensed Consolidated Balance Sheets.

Note 9—Postretirement Benefits

Globe Life has qualified noncontributory defined benefit pension plans (the "Pension Plans") and contributory savings plans that cover substantially all employees. There is also a non-qualified non-contributory supplemental executive retirement plan ("SERP") that covers a limited number of officers. The tables included herein will focus on the Pension Plans and SERP.

Pension Assets: The following table presents the assets of the Company's Pension Plans at September 30, 2026 and December 31, 2025.

Pension Assets by Component at September 30, 2026

(1)A fund including marketable securities that mirror the S&P 500 index.

(2)Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan.

(3)Includes non-redeemable investment funds that report the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value (NAV) per share, or its equivalent, as a practical expedient for fair value. As of September 30, 2026, the Globe Life Inc. Pension Plan owned less than 1% offour long-term investment funds.

(4)A fund including U.S. dollar-denominated investment-grade securities issued by industrial, utility, and financial companies with maturities greater than 10 years.

Pension Assets by Component at December 31, 2025

(1)A fund including marketable securities that mirror the S&P 500 index.

(2)Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Insurance Company Collective Bargaining Agreement Employees Pension Plan.

(3)Includes non-redeemable investment funds that report the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value (NAV) per share, or its equivalent, as a practical expedient for fair value. As of December 31, 2025, the Globe Life Inc. Pension Plan owned less than 1% ofthree long-term investment funds.

(4)A fund including U.S. dollar-denominated investment-grade securities issued by industrial, utility, and financial companies with maturities greater than 10 years.

SERP: The following table presents investments of the Rabbi Trust at September 30, 2026 and December 31, 2025.

Pension Plans and SERP Liabilities: The following table presents liabilities for the defined benefit pension plans and SERP at September 30, 2026 and December 31, 2025.

Net Periodic Benefit Cost: The following table presents the net periodic benefit costs for the defined benefit pension plans and SERP by expense components for the three and nine month periods ended September 30, 2026 and 2025.

Components of Net Periodic Benefit Cost

Note 10—Earnings Per Share

Earnings per Share: A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted earnings per share is as follows:

Antidilutive shares are excluded from the calculation of diluted earnings per share. All antidilutive shares noted above result from outstanding out-of-the-money employee and Director stock options.

Note 11—Debt

The following table presents information about the terms and outstanding balances of Globe Life's debt.

Selected Information about Debt Issues

(1)The $150 million 4.80% Senior Notes, previously held bytwo insurance subsidiaries, were sold and issued to a third party at a discount of $4.2 million during the quarter ended June 30, 2026.

(2)The term loan was amended and restated on June 26, 2026, extending the maturity date from August 15, 2027 to June 26, 2029 and increasing the principal amount from $250 million to $450 million.

(3)Unamortized issuance costs for P-CAPS facility agreement.

The commercial paper has the highest priority of all unsecured debt, followed by senior notes then junior subordinated debentures. The senior notes are callable under a make-whole provision, and the junior subordinated debentures are subject to an optional redemption five years from issuance. Interest on the 4.25% junior subordinated debentures and the term loan are payable quarterly while all other long-term debt is payable semi-annually.

Credit Facility: Globe Life has in place a credit facility which provides for a $1 billion revolving credit facility that may be increased to $1.25 billion. The credit facility was amended on June 26, 2026 and now matures on June 26, 2031, and may be extended up to aone-year period upon the Company's request. Pursuant to this agreement, the participating lenders have agreed to make revolving loans to Globe Life and to issue secured or unsecured letters of credit. The Company has not drawn on any of the credit to date.

The facility is further designated as a back-up credit line for a commercial paper program under which the Company may either borrow from the credit line or issue commercial paper at any time, with total commercial paper outstanding not to exceed the facility maximum of $1 billion, less any letters of credit issued. Interest is charged at variable rates. In accordance with the agreement, Globe Life is subject to certain covenants regarding capitalization. As of September 30, 2026, the Company was in full compliance with these covenants.

Pre-capitalized Trust Securities: On July 1, 2025, the Company entered into a 30-year Facility Agreement with a Delaware trust (the "Trust") following the completion of a private placement of Trust securities for $500 million par of Pre-Capitalized Trust Securities ("P-CAPS"), conducted pursuant to Rule 144A under the Securities Act. The Trust invested the proceeds from this offering in a portfolio of U.S. Treasury principal and interest strips ("Treasury securities"). P-CAPS provide the Company with a source of liquidity, the proceeds of which, if drawn, would be used for general corporate purposes.

Under the Facility Agreement, the Company has the right, on one or more occasions, to issue and sell up to $500 million of its 6.580% Senior Notes to the Trust in exchange for a corresponding amount of Treasury securities held by the Trust. In consideration for this right, the Company pays the Trust a semi-annual facility fee at a rate of 1.789% per annum on the unexercised portion of the facility. These fees are recorded in "Interest expense" on the Condensed Consolidated Statements of Operations. The Company also reimburses the Trust for its administrative expenses. The Issuance Right will be exercised automatically in full upon (i) our failure to pay the facility fee or to purchase any Strips required to be purchased under the Facility, if the failure to pay is not cured within 30 days, or (ii) certain bankruptcy events involving the Company. We are also required to exercise the Issuance Right in full if our consolidated stockholders’ equity (excluding accumulated other comprehensive income ("AOCI") falls below $1.85 billion, subject to certain adjustments. As of September 30, 2026, the Company had no senior note issuances under the Facility Agreement.

Commercial Paper: The following tables present selected information concerning our commercial paper borrowings.

Credit Facility—Commercial Paper

Credit Facility—Commercial Paper Activity

Federal Home Loan Bank: FHLB membership provides certain of our insurance subsidiaries with access to various low-cost collateralized borrowings and funding agreements. The membership requires ownership of FHLB common stock, as well as the purchase of activity-based common stock equal to approximately 4.1% of outstanding borrowings. Globe Life owned $31.1 million in FHLB common stock as of September 30, 2026 and $32.5 million as of December 31, 2025. The FHLB stock is restricted from redemption or repurchases for the duration of the membership and recorded at cost (par) as required by applicable guidance. The FHLB stock is included in "Other long-term investments" on the Condensed Consolidated Balance Sheets. Borrowings with the FHLB are subject to the availability of pledged assets at the insurance subsidiaries of Globe Life.

As of September 30, 2026, Globe Life's insurance subsidiaries' maximum borrowing capacity under the FHLB facility was approximately $986 million, net of outstanding funding agreements and short-term borrowings, on pledged assets with a fair value of $1.7 billion. As of September 30, 2026, $462 million in funding agreements were outstanding with the FHLB, compared to $437 million as of December 31, 2025. This amount is included in "Other policyholders' funds" on the Condensed Consolidated Balance Sheets. The Company had $10 million and $65 million in short-term borrowings from the FHLB as of September 30, 2026 and 2025, respectively.

Note 12—Business Segments

Globe Life is organized into three operating segments: life, health, and investments.

Globe Life's reportable insurance segments are based on the insurance product lines it markets and administers: life insurance and supplemental health insurance. There is also an investment segment that manages the investment portfolio and cash flow for the insurance segments. The Company's chief operating decision makers (the "CODM"), our Co-CEOs, evaluate the overall performance of the operations of the Company in accordance with these segments.

Life insurance products marketed by Globe Life include traditional whole life and term life insurance. Health insurance products are generally guaranteed renewable and include Medicare Supplement, cancer, critical illness, accident, and other limited-benefit supplemental hospital and surgical products.

The following tables present segment premium revenue by each of Globe Life's distribution channels.

Due to the nature of the life insurance industry, Globe Life has no individual or group that would be considered a major customer. Substantially all of Globe Life's business is conducted in the United States.

The measure of profitability established by the CODMs for the insurance segments is underwriting margin before other income and administrative expenses, in accordance with the manner in which the segments are managed. It essentially represents gross profit margin on insurance products before insurance administrative expenses and consists primarily of premium less net policy benefits, acquisition expenses, and commissions. Required interest on policy liabilities is reflected as a component of the Investment segment (rather than as a component of underwriting margin in the insurance segment) in order to match this cost with the investment income earned on the assets supporting the policy liabilities.

The measure of profitability for the Investment segment is excess investment income, representing the net income earned on the investment portfolio in excess of policy requirements. Other than the required interest on the insurance segments, no other intersegment revenues or expenses are recognized. Expenses directly attributable to corporate operations are included in the “Corporate & Other” category. Stock-based compensation expense is considered a corporate expense by Globe Life management and is included in this category. All other unallocated revenues and expenses on a pretax basis, including insurance administrative expense and interest on debt, are also included in the “Corporate & Other” segment category.

Globe Life holds a sizable investment portfolio to support its insurance liabilities, the yield from which is used to offset policy benefit, acquisition, administrative, and tax expenses. This yield or investment income is taken into account when establishing premium rates and profitability expectations for its insurance products. From time to time, investments are sold or called, or experience a credit loss event, each of which are reflected by the Company as realized gain (loss)—investments.

These gains or losses generally occur as a result of disposition due to issuer calls, compliance with Company investment policies, or other reasons often beyond management’s control. Unlike investment income, realized gains and losses are incidental to insurance operations, and only overall yields are considered when setting premium rates or insurance product profitability expectations. While these gains and losses are not relevant to segment profitability or core operating results, they can have a material positive or negative result on net income. For these reasons, management removes realized investment gains and losses when it views its segment operations.

Management also removes non-operating items unrelated to the Company's core insurance activities when evaluating those results. Therefore, these items are excluded in its presentation of segment results because accounting guidance requires that operating segment results be presented as management views its business. All of these items are included in “Other operating expense” in the Condensed Consolidated Statements of Operations for the appropriate year. See additional detail below in the tables.

The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note 1—Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income.

(1)Policy obligations are impacted by actual claims and policyholder behavior, including impacts relative to assumptions related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities.

(1)Policy obligations are impacted by actual claims and policyholder behavior, including impacts relative to assumptions related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities.

(1)Policy obligations are impacted by actual claims and policyholder behavior, including impacts relative to assumptions related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities.

(1)Policy obligations are impacted by actual claims and policyholder behavior, including impacts relative to assumptions related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities.

Assets for each segment are reported based on a specific identification basis. The insurance segments’ assets contain DAC. The investment segment includes the investment portfolio, cash, and accrued investment income. Goodwill is assigned to the insurance segments at the time of purchase. All other assets are included in the annuity and other corporate category. The tables below reconcile segment assets to total assets as reported on the Condensed Consolidated Balance Sheets.

Assets by Segment

Note 13—Subsequent Events

Subsequent to September 30, 2026, the Company approved a residential mortgage loan investment program through its insurance subsidiaries, with an initial commitment of up to $250 million. Residential mortgage loans acquired under the program will be held for investment and carried at amortized cost. The Company intends to pledge a portion of the acquired loans to the Federal Home Loan Bank as collateral for advances.